European Banking Licence 🏦

That means that the metal cards are also things for the long way probably. A full debit card is better accepted, the debit prepaid has its issues but lets see what 2018 will bring us.

It woud be great if Revolut could make a Roadmap with all the features for 2018

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My understanding is that :R: already has the Principal Membership Licence for Mastercard, and is a debit issuer for Visa.

Only hold-off for actually issuing (full) debit cards appears to be obtaining the European banking licence (which may have their own spec, for debit cards.).

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Does that mean that :r: will change from MC to Visa or will they get a Membership from MC also?

Not sure.

I think they’ve got both, so theoretically they could issue both (full) MC debit cards and Visa debit cards, switch completely to Visa after the trial, resume using only Mastercard and discarding Visa (Trialing Visa an attempt to get better rates/fees with Mastercard, in re-negotiations.), or possibly even issue merged MC–Visa debit cards.

Visa has better coverage(?) and branding in the Americas and East Asia (which they’re expanding to in 2018), so there is a real possibility that they’re going to do a full switch to Visa, or a partial switch (MC for Europe, Visa for ROW).

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Looks interesting, Visa is better accepted in Africa as well. Will Maestro and or Vpay be addedd?

As a good news, I also find this information - https://www.revolut.com/pl/faq?lang=en#who-are-paysafe-financial-services-limited, so I already have MC which will be issued by :r: after 13 January 2018

I have Visa that is issued by Revolut and I also have MasterCard that is issued by Wirecard. Wirecards MasterCard wont be migrated?

as I know, no. Only PaySafe

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So only the 539123 BIN cards and not the 535298 cards right?

Yes, I was informed about it with popup in the app, but I can not find screenshot :wink:

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Hi - does this mean my Euro account will qualify as a SEPA account ? Or not ?
When do you expect this to be operational ?

Only SEPA payments are accepted on Personal EUR account, it is available just after ID verification and activation by user in the app.

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Well Done just what we wanted

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It seems Revolut will have to stop crypto activity if they want LT bank licence. Any thoughts?

“The Bank of Lithuania confirmed that financial services providers must remain “dissociated” from cryptocurrency activity at any cost. This leaves very little room for interpretation, as it means no bank is allowed to let consumers buy or sell cryptocurrency right now”.

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I believe Revolut use an intermediary and so may not be affected as they provide a financial crypto platform, but do not do the transactions direct.
A bit like Facebook denying responsibility for fake news and other unplalatable content

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Excellent news Chaps, Will that mean additional currencies can be added to ’Revolut’
Also, IF I have Euros in another bank can I send them to you for conversion to GBP?

Does that mean that deposits at Revolut will be protected up to £85,000 through the Financial Services Compensation Scheme (FSCS)? Is there an ETA on the approval?

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You can check the blog post about it at the official Revolut blog for things like estimated timeline.

Since it’s going to be a EU license, funds will be protected up to 100.000 EUR or equivalent per customer.

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@JediSurfer
Forget about FSCS or any protection from UK institutions. If they get banking licence in Lithuania, then all local laws will be applicable to Revolut banking activity, e.g. your account data will be reported to local tax authorities if your account turnover is +15k euro per year or… or… Regarding deposit protection I would not be very optimistic as ECB wants to end (or ending) deposit protection:
https://www.bloomberg.com/news/articles/2017-11-14/eu-eyes-capping-deposit-withdrawals-when-banks-are-found-failing